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Las Vegas Hotel-Condos
Let's face it. Las Vegas is one of the most exciting cities in the world, with the myriad of entertainment venues, fine dining, shopping, proximity to Lake Mead for boating, Red Rock Canyon for hiking, and a quick 4 hour drive to the beaches of California. As a Las Vegas real estate agent specializing in high rises and condos on the strip, I get calls daily, asking me for deals and bargains in hotel-condos. How do these differ from the residential towers? For one, they are fully furnished and appointed and can be placed in a rental program when not in use. Sounds ideal? You can have your cake & eat it too? Someone else will rent out your unit and cover your mortgage & you can scoot into town whenever you want & enjoy your own hip cool Vegas condotel! Not always. The fact of the matter is that at 20% down - and after the hotel operator split - the net income before mortgage payments MAY not be enough to cover the debt, so each month, you may need to service negative cash flow. So what should the buyer look for when deciding whether to buy a Las Vegas hotel condo, and which one will be the best for each buyer's needs? For one - decide whether or not you are willing to go negative each month. For some folks, business owners who work a lot of the conventions in Vegas, these hotel-condos pencil out because they pay so much each year to the Steve Wynn's of the world. Their accountants can depreciate the furniture, etc., deduct taxes & interst expenses in some cases, and it works out well. Consult your CPA - Best advice we can give to business owners. For those with hefty downpayments of 40% or more - there is a possibiility that the numbers will work well. Many of our hotel-condo buyers put a bunch of cash down - or pay cash for their purchases & they have the best of both worlds. A great Vegas place to enjoy at their leisure, and an income stream as well. Potential Hotel-Condo buyers will want to ask these questions: What is the split between hotel-operator and owner. What will the penalties/fees be if we rent the unit ourselves? What is the limit on owner use? What are the HOA Dues?What fees will we be responsible for: cable TV, insurance, phone, utilities, replacement furniture costs? Is there a proven track record with occupancy rates that can be relied upon to predict future income? Are pets allowed? Can my family members stay without penalty costs? We are selling quite a few hotel-condos at the Signature at MGM Grand for over $100l-$200k UNDER what the original owners paid. Some original buyers are just cutting their losses & bailing & the new buyers are getting true deals and bargains & are not buying in the blind. The income history is established and a matter of record. We have the inside scoop on the best deals at the Signature at MGM Grand, which is a fabulous three story high rise complex, guard gated & amenity rich, located just one block east of the site oof the Cosmopolitan Resort Las Vegas hotel-condos and the new MGM City Center Project. Other hotel-condos in Las Vegas are the Platinum, TRUMP TOWERS, the Palms Place Condos. The latter two are just opening as of this writing. All rental program info is available for these projects. The Cosmopolitan Resort is under construction ( And NOT in Bamkruptcy as the rumor mill has said) and thy have released their rentla program parameters, but CityCenter's Vdara Hotel-Condos have not. If the main hotel-condo rental program is not your cup of tea - there are alternatives out there for you. A new comany, Nights at Vegas, has been formed to offer Las Vegas Hotal-Condo owners a choice. You can visit them on line at www.nightsatvegas.com. Need help sifting thru the information? Contact The Stark Team at www.LasVegasCOndoBargains.com for info.
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Contributor's Note
The Stark Team is a Member of www.LuxuryRealestate.com
Visit us on the web at www.LuxuryVegasCondoDeals.com
First Published om Qassia
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Nights At Vegas Property Management
  
Palms Place Hotel Condos Las Vegas
The Cosmopolitan Resort
Trump Towers
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